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Credit growth moderates in fourth quarter: RBI

Our Bureau

Mumbai, Jan. 28

Bank credit fell by Rs 43,327 crore to Rs 37,19,885.39 crore in the fortnight ended January 14, according to the scheduled banks' statement of position released by the RBI.

Credit growth has moderated in the beginning of the fourth quarter of the fiscal.

In the fortnight ending December 31, bank credit had increased by Rs 1,23,346.44 crore to Rs 37,63,212.63 crore.

Mr M.D. Mallya, Chairman and Managing Director, Bank of Baroda, said that since the growth in credit in the last quarter of 2009-10 was substantial, credit growth this quarter could moderate due to high base effect.

“In the fourth quarter the credit growth will naturally taper down vis-à-vis last year, as in the fourth quarter of the last fiscal there was huge growth in advances. Credit should grow at around 20-21 per cent this year,” Mr Mallya said.

On a year-on-year basis, credit has grown at around 23.5 per cent till date, the RBI data showed.

During the fortnight ended January 14, deposits collections fell by Rs 25,742.15 crore to Rs 49,45,648.08. On a year-on-year basis, bank deposits have grown at around 16.4 per cent.

The data showed that investments by banks in government and other approved securities rose by Rs 16,250.91 crore to Rs 14,64,489.32 crore.

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